Markets & Finance

Europe Stocks End Higher

February 16, 2004

European stocks finished higher Tuesday. In London, the Financial Times-Stock Exchange 100 index, gained 53.4 points, or 1.21%, to 4,461.5 on takeover activity on both sides of the Atlantic. The pound sterling hit a 10-year high amid speculation that the Bank of England will have to raise interest rates soon to counter inflation from the strong economy.

Germany's DAX index added 25.4 points, or 0.62%, to 4,095.86 even though the ZEW consumer confidence index fell in February for the second consecutive month.

In Paris, the CAC 40 index gained 25.75 points, or 0.7%, to 3,703.82. There was little market reaction to a report that a French industrial production index rose to 100.7 in December from 100.4 in November.

Asian markets ended mixed. Japan's benchmark Nikkei 225 average rose 1.4% to 10,701.13, on hopes for strong economic growth data, with investors returning to tech shares such as Advantest that have recently been hurt by worries over the high yen.

In Hong Kong, the benchmark Hang Seng index lost 16.09 points, or 0.12%, to close at 13,815.44, moving off its 31-month high on profit-taking. Notable losers on the session included real estate concern Hang Lung and computer maker Legend.